Citizens' Issues
Disclose all overseas assets to banks: SC tells Mallya
New Delhi : The Supreme Court on Tuesday directed beleaguered liquor baron Vijay Mallya to disclose all the overseas assets held by him and his estranged wife and children to the banks which are seeking the recovery of more than Rs.9,000 crore in the principal and interest, loaned to his now-grounded Kingfisher Airlines.
 
The direction came after the court noted the unwillingness of Mallya to return to India and personally apper before it. 
 
The banks would act on the disclosures in accordance with law, the apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman said, directing the disclosure of the assets Mallya holds abroad. 
 
The court also directed the Bengaluru-based debts recovery tribunal to dispose of the matter pending before it expeditiously, possibly within two months.
 
The court recorded the statement of senior counsel C.A. Vaidyanathan that these assets held by Mallya, his estranged wife and children were not covered under the personal guarantee given by Mallya to the banks to return the loans that the consortium of 13 banks, headed by the State Bank of India (SBI), to his now-grounded Kingfisher Airlines.
 
The court also recorded a submission by Attorney General Mukul Rohatgi, reserving his right to refute the submission made on behalf of Mallya.
 
Mallya had submitted the details of the overseas assets held by him and his estranged wife and children in a sealed cover to the court.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Maruti Suzuki's Q4 net profit down 12 percent
New Delhi : Passenger car major Maruti Suzuki on Tuesday reported a decline of 11.7 percent in its net profit for the fourth quarter (Q4) of 2015-16.
 
The company's net profit stood at Rs.1,133.6 crore for the quarter ended March 31, 2016 from Rs.1,284.2 crore in the corresponding period of 2014-15.
 
"Loss of over 10,000 units due to reservation agitation increased advertising expenses and lower other income slightly impacted profits during the quarter," the automobile manufacturer said in a statement.
 
However, the passenger car major's total income in the quarter under review was higher by 12.33 percent to Rs.15,305.7 crore from Rs.13,624.8 crore in the fourth quarter of 2014-15.
 
The net sales during the quarter under review stood at Rs.14,929.5 crore -- up 12.5 percent from Rs.13,272.5 crore for the quarter ended March 31, 2015.
 
Maruti Suzuki sold 360,402 vehicles during the quarter under review logging a growth of 3.9 percent.
 
For the full financial year 2015-16, Maruti Suzuki reported an increase of 23.2 percent in its net profit.
 
The net profit stood at Rs.4,571.4 crore for the year ended March 31, 2016 from Rs.3,711.2 crore during 2014-15.
 
"Higher volumes aided by successful new model launches and network expansion, lower raw material cost and continued cost reduction initiatives led to growth in profits during the year," the statement said.
 
The company's total income which includes net sales and other operating income in the period under review grew by 15.56 percent to Rs.57,746.3 crore from Rs.49,970.6 crore in 2014-15.
 
Net sales rose by 15.9 percent to Rs.56,350.4 crore in Apr-Mar 2015-16 from Rs.48,605.5 crore.
 
The automobile manufacturer's sales in 2015-16 edged up by 10.6 percent to 1,429,248 vehicles.
 
The company's board recommended a dividend of Rs.35 per share of face value of Rs.5 for 2015-16. 
 
"The board of directors recommended a dividend of 700 percent (Rs.35 per share of face value Rs.5) for 2015-16. The dividend in 2014-15 was at 500 percent. (Rs.25 per share of face value Rs.5)," the statement said.
 
According to the company's chairman R.C. Bhargava the automobile manufacturer will undertake short-tem measures to ramp-up production at its Manesar facility to reduce customer waiting time. 
 
Besides, Maruti Suzuki expects to start production at its Gujarat plant from early next year. Initially, the company plans to manufacture 10,000 units at the new plant. 
 
In addition, the company has set a capital expenditure target of Rs.4,400 crore for 2016-17 from Rs.2,500 crore in 2015-16.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Are Nifty, Sensex back in an uptrend? Tuesday closing report
Nifty has to stay above 7,920 for the index to remain bullish 
 
We had mentioned in Monday’s closing report that Nifty, Sensex uptrends were broken and that Nifty would have to stay above 7,862 for the market to head higher again. The major indices of the Indian stock markets rallied to close with handsome gains. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Key Indian stock market indices, which opened lower on Tuesday, surged in the afternoon session following strong global cues. Good buying was observed in metal, auto, realty and banking sectors. There was underlying caution among the investors before the meetings of the central banks of the US and Japan this week. The Fed is expected to keep interest rates unchanged but investors will keep a close eye on the Fed Chair's comments regarding future outlook.
 
Aditya Birla-led aluminium manufacturer Hindalco said on Tuesday it will accept the Australian company Metal X's improved takeover offer for its Australian subsidiary Aditya Birla Minerals Ltd. Metal X has announced its "intention to improve its ongoing takeover offer for acquiring the shares of ABML under the relevant laws of Australia", Hindalco said in a stock exchange filing. Metal X has offered one fully paid ordinary share in Metals X Ltd for 4.5 ABML shares and Australian $0.08 in cash for every ABML share held, it said. "Further, the company (ABML) has informed that Hindalco has communicated to ABML its intention to accept the aforesaid offer subject to receiving the approval of RBI and no bona fide superior proposal being announced by a third party within five business days of Metals X announcing its intention to make the aforesaid offer," the filing added. "Aditya Birla is an underperforming company and its shareholders have seen substantial loss of wealth over the last few years," said Metals X chief executive and managing director Peter Cook. "However, Metals X believes its underground mining experience, technical capability, financial capacity and experience in operating Western Australian mines make Metals X almost uniquely placed to take on the nifty challenge," he said. Hindalco shares closed at Rs103.25, up 4.93% on the NSE.
 
Maruti Suzuki reported 11.7% year-on-year (YoY) decline in net profit at Rs1,134 crore for the quarter ended March 2016 mainly on account of higher expenses and lower other income. “Loss of over 10,000 units due to reservation agitation, increased advertising expenses and lower other income slightly impacted profits during the quarter,” Maruti Suzuki India said in a statement. Net sales however increased by 12.5% to Rs14,930 crore. The board of directors proposed a dividend of 700% or Rs35 per share of face value of Rs5 for 2015-16. The share of the company closed at Rs3,869.45, up 3.62% on the BSE.
 
ABB India reported a net profit of Rs71 crore on sales of Rs1,976 crore in the March quarter (Q1). ABB India's order inflow was weaker than estimated in Q1. "Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilised capacity," ABB India said in a release to Bombay Stock Exchange. ABB shares closed at Rs1,292.95, down 3.96% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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